Ethena WalletUnderstanding USDe, sUSDe and ENA
Three assets with distinct roles and risks.
USDe: a synthetic dollar
USDe uses a synthetic-dollar model. It is not a bank account and its risk profile differs from a traditional fiat-backed stablecoin. Backing, hedging, custody and smart contracts introduce separate dependencies.
sUSDe: staked USDe
sUSDe represents staked USDe and may accrue discretionary rewards. A quantity of sUSDe and its value in USDe are distinct measures. Rewards are variable and do not guarantee capital. Eligibility applies; the documentation referenced for this website restricts acquisition by residents or entities based in the EU/EEA.
ENA: governance
ENA is the governance token of the Ethena protocol. It is not a stable dollar and is not presented here as a gas token for the desktop application. Market prices can fluctuate.